Market Conditions: Departure of Whales and Retail Investors - Will HYPE Maintain Balance Below $20?
Let's Get Reallll with HYPE
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- Freakin' Hyperliquid is on the edge, mate, feelin' the heat from a massive dose of bearish juju.
- A whale just dumped 6.51M USDC into HYPE and went short with 5x leverage. That's some serious bearish pressure right there.
This whale's action could be the catalyst for a bear market run. If the market keeps liquidating long positions, HYPE's price might face some corrective action in the near future.
At the current moment, HYPE trades at $20.54, up 1.71% in the past 24 hours.
Long liquidations overpower shorts
According to CoinGlass, long liquidations are pummeling shorts with a 14k to 93 ratio. That's right, a whopping $14,000 in long positions getting blown out compared to a mere $93 in shorts. This imbalance shows dwindling retail interest in HYPE's potential and increasing bearish sentiment.
The imbalance between long and short liquidations highlights the selling pressure building up on HYPE. So, that bears' fang is sharpening for a slice at HYPE's price.
Traders ain't takin' no risks, mate
The OI-Weighted Funding Rate for HYPE stands at 0.00999%, indicating that traders are too chicken to make bold moves. Although the rate remains slightly positive, it ain't got the guts to push the price higher. As a result, the market is stuck in a boring, consolidation phase.
Given the lack of enthusiasm among traders, HYPE may find it tough to break out of its current range.
Hyperliquid can't break free
HYPE has been struggling to break through the $22 supply zone, and that's led to a downtrend. Currently, it's consolidating around $20.60, just unable to maintain its upward momentum. If the price doesn't break the key resistance, it's heading southwards towards the $18 support zone.
Retail interest is coolin' off
Retail participation is taking a nosedive. Social Dominance for HYPE has dropped to 1.00%, and Social Volume stands at 33. This decline shows that fewer traders are vibing with HYPE, weakening the momentum required to fuel a price surge.
HYPE may struggle to regain upward momentum without fresh blood in the game. Lower Social Dominance adds to the bearish outlook for HYPE.
Evans Boto and Farah Mirza give you the scoop on the uncertain future for Hyperliquid (HYPE), with bearish sentiment winning the race against retail interest. The market may head south towards support levels if it can't break key resistance levels.
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- The bearish sentiment in the crypto market, persisting even around Bitcoin and other cryptocurrencies, seems to be taking a toll on HYPE, with a massive 14k to 93 ratio of long liquidations overpowering shorts, suggesting dwindling retail interest and increasing bearish sentiment.
- The selling pressure building up on HYPE, as indicated by the imbalance between long and short liquidations, could be a sign of a potential bear market run for HYPE in the near future.
- The lack of enthusiasm among traders, as demonstrated by the OI-Weighted Funding Rate for HYPE standing at 0.00999%, might make it challenging for HYPE to break out of its current range and regain upward momentum.
- Hyperliquid (HYPE) is currently struggling to break through the $22 supply zone, and its inability to maintain upward momentum could potentially lead to a downtrend and a fall towards the $18 support zone.
- Lower retail interest in HYPE, as evidenced by the decline in Social Dominance to 1.00% and Social Volume to 33, could make it hard for HYPE to gain the momentum needed to fuel a price surge, adding to the overall bearish outlook for the token in the finance and technology sectors.
